Summary
Palo Alto Networks, Inc. (PANW) filed an 8-K on April 11, 2014, to report the completion of its acquisition of Cyvera Ltd., an Israeli company. This strategic move, announced on March 22, 2014, signifies Palo Alto Networks' expansion and investment in new technologies. The acquisition was completed on April 9, 2014. The total consideration for the acquisition was approximately $200 million. This amount was comprised of approximately $89 million in cash, funded by the company's existing cash reserves, and approximately 1,556,925 shares of Palo Alto Networks' common stock. The filing also noted that outstanding but unvested stock options for Cyvera employees were cancelled, with continuing employees to receive restricted stock units, the value of which is incorporated into the total purchase price.
Key Highlights
- 1Palo Alto Networks has completed the acquisition of Cyvera Ltd.
- 2The acquisition was finalized on April 9, 2014.
- 3The total purchase price for Cyvera Ltd. amounts to approximately $200 million.
- 4Consideration included approximately $89 million in cash.
- 5Approximately 1,556,925 shares of Palo Alto Networks common stock were issued as part of the acquisition consideration.
- 6The cash portion of the acquisition was funded by the company's existing cash and cash equivalents.
- 7Cyvera's unvested stock options were cancelled, with continuing employees to receive restricted stock units.